Bitcoin Bull Market Things? 3 Factors Suggest More BTC Price Upside

Bitcoin price has already claimed 30% higher in the months of July. The volume has also increased to $334 billion in July among many top tired cryptocurrency exchanges. There are several factors which is effecting the price increase of Bitcoin. Let’s check what are the main three factors that are resulting more BTC price upside.

Factor 1- The spot-market is stagnant whereas derivatives-market is growing

The derivatives market spiked by 13.2% in July which shows a faster growth rate, while the spot-volume declined. The derivatives increased to $443 billion and the spot-volume declined 0.5% from its place. The dedicated is now representing 41% of the market-share of July. This trend is actually a presentation of the current cryptocurrency future which clearly says it’s bright.

This particular data can have two contradictory analyses. One of them is definitely, the growth and demand of bitcoin, overall. The demand is from the marketers and traders are reaching an overheated territory sometimes. When the bitcoin market will become the catalyst for the future market, it will definitely increase the chance of volatility.

The spot-market is not really complementing the futures volumes because the futures-contracts are leveraged, and as we can already see top-tiers are providing 100x leverage already, the chances of long-squeeze could increase resulting in a non-complementary spot-market.

Although many types of research by the end of July is showing that, spot volumes have picked up again amid the market bull run. The resistance still remains uncertain even though the spot volume and mainstream awareness are very much high to catalyze the bitcoin price breakout.

Factor 2- Bitcoin popularity

Tesla was the most viewed asset in America as reported on Aug 14, but another amazing news would be, bitcoin being on the second position. This popularity gain is 60% if shown in percentage since January. The futures volume and the drastic popularity of bitcoin are increasing very fast while the spot-volume is still lagging behind.

Factor 3- High hash rate

The all-time high rate of bitcoin blockchain hit on August 16. It was $129.07 million ‘tera’ hash/sec. This rise is good news for the mining industry and they are genuinely expecting higher bitcoin prices in the future. All these little yet noticeable factors in the bitcoin market is a potential factor for the rising value of the cryptocurrency market and the prices of bitcoin.

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